Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egyptian cotton exports grows 37 percent


Wed 12 Sep 2018 | 10:09 AM
Taarek Refaat

CAIRO, Sept 12 (SEE)- Head of the Alexandria Cotton Exporters Association Nabil al-Santaricy said on Wednesday that Cotton exports reached 52,000 tonnes in 2018. "The exports increased by 37 percent this year," he said.

Egyptian Spinning & Weaving Company is working on developing its factories in a plan implemented by the Ministry of Public Works to convert the losses achieved by the factories into profits.

The ministry planted 336,000 feddans of long-staple cotton in 2018, up from 220,000 feddans last year.

Egyptian cotton exports gained a competitive advantage after the 2016 devaluation of the currency, which created a drop in the market price.

The industry earned another lead following the 2016 Indian textile industry scandal. Welspun company exported low-quality sheets as premium Egyptian cotton, driving off remarkable numbers of American consumers.

According to world prices of Egyptian cotton, the Giza 87 recorded EGP 3,337 in last fiscal year's harvest.

The exchange market said that the price of Egyptian cotton exports has stabilized on Wednesday.

The Giza 86 category rated at EGP 2,794 per Qantar. The Giza 94 recorded EGP 2,580, while the Giza 95 recorded EGP 2,464.